A Switzerland-based start-up FoodBlockchain.XYZ has the potential to become a leading blockchain technology provider for the food industry.

The company has received funding and is one of the 14 projects selected by the SparkLabs IoT Accelerator.

The start-up is owned by Smart Security Systems Ltd. and financed through private funders in Switzerland, the Swiss Regional Government of the Canton of Vaud, and private financing from SparkLabs Global Ventures in Silicon Valley.

The idea behind FoodBlockchain.XYZ is to manage commercial relationships between different actors in the supply chain through the introduction of its own token, Foodcoin. The token will be used between farmers and food manufacturers to ensure compliance with quality and safety standards.

“In the early phases we will only provide the protocol, smart contract templates and software; later on we will start manufacturing our own hardware solutions.”, said Angel Versetti, the CEO of the company.

FoodBlockchain.XYZ will build sensors in order to collect data through the supply chain. In the meantime, other available sensors will be integrated, as the publication in cryptocoinnews explained.

The system will provide an overview of the financial and socio-environmental costs and benefits of sourcing food from different suppliers.

Food producers will be given a better chance to ensure that the quality of products actually meets their requirements. By the help of ID tags created by them, they will be given the opportunity to trace food items throughout the supply chain and prevent counterfeiting.

On the other hand, consumers will be able to view the history of the products they opt for. Thus, they can make better informed choices. For example, they can check where the ingredients come from and how polluted the region is.

Consumers will also have the chance to reward sustainable farming practices by sending them Foodcoin. This has a great potential of establishing a new reputation system for farmers and food suppliers, as well as building a connection between consumers and producers.